Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
A.forall Development from Anderlecht, company number BE0827869165, closed financial year 2025 with a result of € -1.7 million after tax. For that financial year A.forall Development recorded a gross margin of € 5.5 million and equity of € 37.6 million. Compared with financial year 2024, the result moved from € 12.3 million to € -1.7 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on October 27, 2026.
€ 37.6 million
▼ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.7 million
▼ still € 12.3 million profit in 2024
Profit after tax over the fiscal year.
€ 439,621
▼ 60% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 18 million.
People and assets in 2025
10.9
▲ 0.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.8 million
▼ 1% vs 2024
€ 165,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 3.9 million
▲ 22% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 314,197
▼ 20% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 2,421,827 | € 5,278,663 | € 5,249,563 | € 5,520,966 | ▲ 5% |
| Profit after taxes | € -598,679 | € 2,228,483 | € 12,332,753 | € -1,665,755 | ▼ € 14 million |
| Equity | € 49,697,192 | € 51,925,675 | € 39,258,427 | € 37,592,672 | ▼ 4% |
| Total debts | € 16,659,718 | € 21,799,727 | € 21,910,926 | € 33,738,546 | ▲ 54% |
| Cash | € 465,800 | € 272,379 | € 1,106,034 | € 439,621 | ▼ 60% |
| Retained profit | € 30,060,572 | € 32,289,055 | € 19,621,808 | € 17,956,052 | ▼ 8% |
| Dividend | € 0 | € 0 | € 25,000,000 | € 0 | ▼ 100% |
| Balance sheet total | € 66,356,910 | € 73,725,402 | € 61,169,353 | € 71,331,218 | ▲ 17% |
| Employees (FTE) | 11.8 | 11.3 | 10.6 | 10.9 | ▲ 0.3 |
Key figures of A.forall Development, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to A.forall Development?
What happened at A.forall Development in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- LMDC Advisory s.r.o. BO stepped down as director. NBB
- Pharma Handshake BV stepped down as director. NBB
- Cellular Consulting BO stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1.7 million (▼ € 14 million vs 2024). filed late Source: NBB ↗
- LMDC Advisory s.r.o. BO became a director. NBB
- LMDC GmbH BO stepped down as director. NBB
- Steen Vangsgaard stepped down as director. NBB
- Pharma Handshake BV became a director. NBB
In short
From € 598,679 loss in 2022 to € 1.7 million loss in 2025.
Paid € 773,203 in corporate taxes since 2022.
Best year ever: 2024, with € 12.3 million profit.
On average € 506,500 of value added per employee in 2025.
Management
The stake of A.forall Group comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
A.forall DevelopmentThe shares are held by A.forall Group (100%). It owns 100% of NEOGEN, 100% of Generic Pharma International LTD., 100% of Generic Specialty Pharma LTD., 100% of A.forall Access Ltd. and 100% of Milla Pharmaceuticals Inc. itself.
Directors
According to the 2025 annual accounts
since 2024 · until 2025
since 2025 · until 2025
since 2026 · until 2031
Managing director · represented by Steen Vangsgaard
Also active at: A.forall Group
since 2025 · until 2031
Director · represented by Bruno Cardoso Simoes Febra
since 2025 · until 2031
Shareholders
100%
Participations
100%
Generic Pharma International LTD.
100%
Generic Specialty Pharma LTD.
100%
A.forall Access Ltd.
100%
Milla Pharmaceuticals Inc.
100%
Establishments
Establishment units
Physical locations of this company
Marie Curiesquare 50
1070 Anderlecht
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
INFOMANIAK-AS, CH
Domain
Domain
aforallpharma.com
Registered
2023-07-24
Registrar
Infomaniak Network SA
Expires
2026-07-24
Website info
Features
Security
Network
Details
- Company number
- 0827.869.165
- VAT number
- BE 0827.869.165
- Registered office
- Marie Curiesquare 50, 1070 Anderlecht
- Names & denominations
- A.forall Development
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 July 2010
- Peppol
- Active · Active since 6 Jan 2026
- Contact
- aforallpharma.com
- Activities · NACE
Vervaardiging van geneesmiddelen
Activiteiten van holdings
Holdings